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Egypt may add more stimulus if needed - minister

Mon, Jan 5 2009, 04:43 GMT
http://www.afxnews.com

KUALA LUMPUR, Jan 5 (Reuters) - Egypt may announce additional stimulus measures after it re-evaluates its economic situation in April, Trade and Industry Minister Rachid Mohamed Rachid said on Monday.

Egypt has already announced a 15 billion Egyptian pound package ($2.73 billion) for the 2008/09 fiscal year ending June 2009.

Rachid said this money would be spent by June and the government would assess the economic situation in April to decide if further measures were needed for the second half of 2009.

"We made it also very clear that if things continue to change dramatically as they did in the last few months, there is definitely a possibility we can review this package and we can decide to increase it or put actually new elements into the package," Rachid told reporters in Kuala Lumpur.

Last month, Rachid told Reuters Egyptian exports could fall in the 2008/09 fiscal year as economic recessions dash consumer demand in markets in Europe and the United States.

"We have to be flexible. We have to be on top of issues as far as our local issues are concerned," he said on Monday. Rachid is visiting the Malaysian capital for trade and investment talks.

The two countries announced the formation of a Malaysia-Egypt Joint Trade and Investment Committee (JTIC) to promote trade, investment and economic cooperation.

Rachid said Malaysian companies had a big opportunity to participate in Egyptian projects, especially those related to infrastructure.

($1 = 5.4875 Egyptian pounds)

(Reporting by Varsha Tickoo; Editing by Kim Coghill) Keywords: EGYPT ECONOMY/

(varsha.tickoo@thomsonreuters.com; +603 2333 8034; Reuters Messaging: varsha.tickoo.reuters.com@reuters.net; bureau email: areuters@gmail.com)

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